Gold prices broke above 1400 for the first time since September 2013. Central banks globally took an accommodative stance and together with Mideast tensions added on support inducing price to raise $70 since Wednesday. The bullion is expected to continue its bullish trend until geopolitical crisis persists making the next 1500 high in sight. The possible trade...
The commodity-linked currency was strongly supported by rising oil prices. Escalation of tensions in the Mideast underpinned oil, together with the optimism over resolving US-Sino trade war which supported the demand for oil. Haven Yen also held steady amid rising global risk, but the Canadian dollar gains outweighed. We could see more rebound until 61.8%...
The pair extended losses after both central banks concluded their meetings and decisions. Both the Fed and BoJ left their respective rates unchanged as expected, however, indicated a more stimulus as slowing economic outlook persists. BoJ said the economy is expanding moderately but inflation stays below its target despite one of the worlds lowest unemployment...
Central bank's dovish narrative across the globe boosted German stocks. More stimulus will induce more buying of risky assets, equities. The trade-sensitive index will also benefit from the trade resolution between the US and China, hopefully, reached during G-20 summit of world leaders. 12470 will be aimed until the end of the week. In the longer term,13000 in sight.
Having boosted by a rekindlement in the Sino-US trade talks, US stocks continue their confident rise. A potential dovish Fed decision later today regarding the future of interest rates to counterbalance the effects of the hard-hitting tit-for-tat tariffs in the international arena is likely to further help the stocks. As such the Dow seems to surefooted in an...
ECB President Mario Draghi's statements early Tuesday pushed down the Euro to a two-week low against the Dollar. The unexpected drop has now stalled and is in progress for a rebound back to 1.1200. Once broken, the pair will aim for 1.1200, midway through where the fall began. Although much less likely, the further bearish mood may take the pair down to 1.1160.
Euro lost its ground against the Canadian Dollar following the unexpected ECB dovishness. Moreover, stronger oil supports the commodity-linked currency as it surged on trade optimism. Pair was trading in a tight range, but the break below is expected as Canadian Dollar could strengthen more on Fed's accommodative stance or advancing oil prices following the OPEC+...
The dollar advanced against its peers hitting a two-week high on 97.75 and on 61.8 Fibonacci Retracement. It was supported by falling euro and rising optimism over Sino-US trade war. Even though already pricing a Fed fund rate cut, the dollar is yet to digest FOMC's views on the economy and Chair Powell's comments. An increased dovish narrative will pull it back to 97.00.
Pair extended losses to 50 Fibonacci Retracement, but with a low probability of moving upward again. Haven Swiss Franc awaits to collect benefits from dovish Fed while buying could be eased because of the trade optimism widened after the confirmation of trade talks between the US and China. Eurozone data appeared gloomy with slowing CPI to 0.1% month-on-month and...
Trump's phone call with China's Xi pushed up the US stocks. The stocks' gains are likely to enter a daily correction phase as on S&P, we see a drop back to 2915. If that level is broken, check at 2910.
The Pound extended its losing stroll mostly weighed by Brexit uncertainty. Upcoming CPI and Retail Sales data could further undermine its value. Yen finds support from globally reduced risk appetite, increased Mideast tensions and slowing global trade. Pair is about to record multi-months lows trading far below daily 50 MA. It aims for 134.00 before possibly...
Pair reached a lower band of a descending channel and if broke below it could plunge to 0.9100 level the lowest since October last year. Canadian dollar could benefit from gains in oil supported by Mideast crises and extended OPEC+ supply cuts. Aussie was weighed by RBA dovishness and by saying a further monetary easing was “more likely than not.”
Pair improved heading to 38.2% and potentially to 50% Fibonacci retracement. When hitting 0.6520 it is expected to fall down again. Swiss Franc could be supported following the dovish monetary stance in awaited Fed minutes. ECB already took an accommodative stance since inflation expectations are well below the target. The market is pricing an ECB as well as Fed...
Pair surged on Friday after the strong retail sales reported in the US. It met with daily 50 MA and in the same time 50% Fibonacci Retracement. Apart from Mideast crisis, loonie struggled to find support from the oil price as worries over demand weighs on the price. The fall toward lower band is likely to be seen after the dovish Fed and rate decision and break...
As BoJo campaign advances expectations of disorderly exit also rose to 25% in June from 15% in May, according to Reuters poll. Such an outcome weighs on Pound. Euro could be more supported after the official CPI data due tomorrow. If inflation fail to meet expectations we could expect ECB to be dovish weighing on the Euro. Overall bullish sentiment for the pair...
Although the price already broke the upper band of the descending channel, it is still in a decision area, testing the earlier support level in the precinct of 5.2570 that is at the 50.00 Fibonacci retracement level. In the case of a rebound, the price will reach 5.1920 en route to re-test the dip at 5.1630. But if the price rises further, 5.3640 will be aimed.
As the 50.0 Fibonacci retracement level holds a firm support, a rebound is expected. The previous peak at 0.8820 will be the first target. After that, the price will aim at the upper band of the channel formation.
As the price broke a wedge, it will sink now towards to test decisive 1308 level. As long 1308 will hold the price above, a retracement to the formation is expected. Otherwise, the price will pierce through the mentioned level and drop until psychological 1300.